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Posts Tagged ‘Jobs’
November 12th, 2020 at 11:49 am
Images of the Day: Unemployment Claims Plummeted Faster After $600 Checks Expired
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As the nation debates continuing coronavirus stimulus, AEI offers an eye-opening analysis:  Unemployment claims plummeted and the employment picture improved much faster after those $600 checks expired, reestablishing that while we always want to help those who cannot help themselves, government payouts can sometimes reduce incentives and ability to return to the workforce.  And this doesn’t even reflect remarkably positive employment reports released by the government since the end dates:

 

Unemployment Claimes Dropped

Continuing Unemployment Claims Dropped

 

 

 

 

Initial Unemployment Claimes Dropped

Initial Unemployment Claims Dropped

September 25th, 2020 at 10:05 am
Image(s) of the Day: The Obama/Biden Jobs “Recovery” Versus Trump’s
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From our friends at AEI, a wonderful capture of the difference between the Obama/Biden jobs “recovery,” which was the worst in recorded U.S. history (as the graph shows, they promised that unemployment wouldn’t surpass 8% under their wasteful spending “stimulus,” but instead it exceeded 8% for a record uninterrupted stretch), versus the sharp recovery under President Trump:

The Obama/Biden Jobs

The Obama/Biden Jobs “Recovery”

 

 

 

The Trump Actual Jobs Recovery

The Trump Actual Jobs Recovery

June 5th, 2020 at 9:46 am
Trump Bump: Record New Jobs Added in May, Unemployment Unexpectedly Plummets
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Defying nearly universal economists’ expectations, it was just announced that the American economy added a record 2.5 million jobs last month, and the unemployment rate actually fell sharply to 13.3%.  Surveyed economists had anticipated a loss of 8.3 million jobs, and a rise in unemployment to 19.5%.  The Dow instantly shot up nearly 1,000 upon opening, and we’re nearly back to its pre-coronavirus record levels.

 

March 6th, 2020 at 8:46 am
Breaking: Incredible U.S. Jobs Growth in February
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This is incredible.  Amid the coronavirus scare and economic malaise across the rest of the world, the Labor Department reports that job growth in the U.S. exceeded expectations by 100,000 in February:

Nonfarm payrolls grew far more than expected in February as companies continued to hire amid a growing coronavirus scare.  The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%.  Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level.  Average hourly earnings grew by 3% over the past year, in line with estimates.”

Although the effects of the coronavirus create uncertainty going forward, the Trump Bump has continued.

February 14th, 2020 at 10:06 am
Image of the Day: Economy Even Better Than We Realized
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Americans already expressed record satisfaction on economic conditions in the U.S., over three years into President Trump’s tenure.  Turns out that things are even better than we initially realized, as employment data from the end of 2019 was just significantly updated:

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Even Better Than Initially Realized

Even Better Than First Realized

 

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January 8th, 2020 at 12:02 pm
Image of the Day: Lowest-Wage Industries Benefit Most Under Trump
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From the official federal Bureau of Labor Statistics and our friends at the American Enterprise Institute (AEI), a nice visualization of how the Trump economic agenda has most benefited those in the lower-wage industries starting in 2018 after tax reform took effect.  So much for leftists’ class warfare attacks on tax cuts and deregulation.

 

A Trump Bump

A Trump Bump

 

 

June 14th, 2019 at 2:30 pm
Image of the Day: Gallup Poll on Americans’ View of Job Market Hits All-Time Record
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In our Liberty Update commentary entitled “No, Scandinavia Doesn’t Vindicate Socialism” this week, we rightly ridicule admitted socialist Bernie Sanders, including his odd claim that “we now have an economy that is fundamentally broke and grotesquely unfair.”  Well, as this Gallup survey illustrates, he’s swimming upstream against American public opinion.  Specifically, in a survey that Gallup has conducted periodically since 2001, the public’s view of the job market has now hit an all-time record high:

Sorry, Socialists

Sorry, Socialists

 

Perhaps this helps explain why Sanders has suddenly plummeted in 2020 Democratic candidate surveys, although one wonders how long people like Elizabeth Warren can avoid the same fate.

January 28th, 2019 at 3:06 pm
Image of the Day: New Jobless Claims Plummeting
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Last week, new jobless claims fell below the milestone 200,000 level, and to the lowest point since the 1960s (when the labor force was significantly smaller).   In this chart, note also the steep drop starting in 2017 with the tax-cutting and deregulatory agenda that arrived with the Trump Administration, after the number of new claims had plateaued toward the end of the Obama Administration:

Jobless Claims Plummet

Jobless Claims Plummet

 

 

August 24th, 2018 at 12:56 pm
Quote of the Day: From Obama Stagnation to Trump Acceleration
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Obama apologists desperately claim that the current economic acceleration is somehow attributable to him, never mind that the acceleration began as soon as the Trump Administration began reversing Obama policies by cutting taxes and reducing regulation.  In The Wall Street Journal today, two Arizona State University professors – Nobel laureate Edward Prescott and Lee Ohanian – debunk that claim in a commentary entitled “The Good Times Can Roll On.” As an ASU alumnus, it offers particular pleasure to recommend their entire piece for reading and passing along to others who may need it:

It’s clear the recovery ended in 2014 because the two hallmarks of recovery –  investment’s share of gross domestic product and labor input relative to the adult population – stopped increasing.  This left a large gap between actual output and the output level that would have occurred had the economy recovered to its prerecession growth path.  According to our calculations, the U.S. cumulatively lost about $18 trillion in income and output between 2007 and 2016.  Everything suggested this shortfall would persist or even grow.

Yet economic performance began to improve beginning in the first quarter of 2017.  Real GDP growth accelerated to about 2.7% between the end of 2016 and the second quarter of 2018, up from about 2% between 2014 and the end of 2016.”

Oh, and as football season approaches, go Sun Devils.

August 20th, 2018 at 1:20 pm
Image of the Day: What Deregulation and Tax Cuts Do for Job Growth
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Here’s what a steady diet of deregulation and tax cuts have done in terms of job creation expectations from even the notoriously wet-blanket Congressional Budget Office:

Deregulation + Tax Cuts = Jobs Boost

Deregulation + Tax Cuts = Jobs Boost

July 6th, 2018 at 1:17 pm
Latest Jobs Report: 600,000 Americans Come Off the Sidelines and Get In the Game
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Today brought yet another impressive U.S. employment report from the Labor Department, with an unexpectedly high 213,000 new jobs added in the month of June (versus the expected 195,000).

But the report includes a particularly impressive number after nearly a decade of people just giving up on working during the Obama era malaise.  Over 600,000 Americans decided that the market is so hot that they got off the sidelines and entered the game:

The increase in the unemployment rate came due to a rise in the labor force participation rate, which increased 0.2 percentage points to 62.9 percent as 601,000 people came off the sidelines and re-entered the labor force.”

Continuing the sports analogy, The Wall Street Journal notes that what we’re witnessing is a different kind of ballgame under the Trump Administration than the unprecedented economic sluggishness that characterized the Obama “expansion”:

Steady hiring and low unemployment shows the labor market continues to be an area of strength for the economy since the recession ended nine years ago.  What might be different now is that other aspects appear to be picking up steam.  Some economists project economic output rose at better than 4% annually in the second quarter for the first time since 2014.

Rising consumer spending, manufacturing output and exports are expected to have contributed to the gain, set to be officially reported later this month.  If sustained, that would be a turn from much of the expansion in which hiring has been consistent, but growth has been sluggish, holding near a 2% annual rate.  One explanation is wages.  Even though Americans were finding jobs, scant raises left them with little room in their budgets to step up spending.”

It’s amazing what an economic agenda of tax cuts and deregulation can do for an economic cycle that was supposedly on weary legs and amid an era of “secular stagnation” when solid growth was a thing of the past.

June 11th, 2018 at 12:40 pm
Image of the Day: Available Jobs Outnumber Unemployed for First Time Ever
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In our latest Liberty Update, we note how the U.S. has quickly reclaimed its position as the world’s most competitive economy under President Trump after slipping under Barack Obama.  This image vividly illustrates one point we highlight – that for the first time ever, the number of job openings exceeds the number of unemployed Americans in the workforce to fill them:

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Jobs, Jobs, Jobs

Jobs, Jobs, Jobs

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April 30th, 2018 at 10:12 am
Image of the Day: A Jobs Boom
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It’s almost as if the wave of deregulation and tax cuts had some sort of impact.  The Congressional Budget Office (CBO), no refuge of supply-side enthusiasts, just boosted its job growth estimate by 2.6 from last year’s estimate:

Deregulation and Tax Cuts:  Jet Fuel For Jobs

Deregulation and Tax Cuts: Jet Fuel For Jobs

April 18th, 2018 at 9:52 am
Image of the Day: Job Growth Estimate Boosted
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So after just one year of tax-cutting and deregulation under the Trump Administration, the Congressional Budget Office (CBO) has revised its estimate of job growth over the next decade upward by over 2.5 million new jobs.  As they say in the legal field, “res ipsa loquitur” – “the fact speaks for itself.”

Upward Job Growth Estimate

Upward Job Growth Estimate

March 20th, 2018 at 10:40 am
Congressional Leaders Should Offer the Same Protection for Everyday Employers That They Seek for Professional Baseball
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According to The Washington Post, Congress is considering legislation carving out a special exception from federal labor laws for professional baseball:

A massive government spending bill that Congress is expected to consider this week could include a provision exempting Minor League Baseball players from federal labor laws, according to three congressional officials familiar with the talks.  The exemption would represent the culmination of more than two years of lobbying by Major League Baseball, which has sought to preempt a spate of lawsuits that have been filed by minor leaguers alleging they have been illegally underpaid.

The league has long claimed exemptions for seasonal employees and apprenticeships, allowing its clubs to pay players as little as $1,100 a month, well under the pay that would be dictated under federal minimum wage and overtime standards.  But with those exemptions under legal challenge, Major League Baseball has paid lobbyists hundreds of thousands of dollars to write a specific exemption into the law.”

We at CFIF maintain no opposition to that contemplated provision.  If Congress seeks to carve out exceptions from federal labor laws for professional baseball, however, they have no excuse for failing to finally pass the Save Local Business Act, which CFIF has long advocated, and reverse one of the most egregious abuses of the Obama Administration’s Labor Department:  the Joint Employer Rule.

That activist Obama Labor Department ruling reversed decades of established labor law by holding businesses liable and responsible for employees of franchisees whom they didn’t hire and over whom they exercise no control, as we explained last year:

Under longstanding court precedent and National Labor Relations Board (NLRB) interpretation, an ’employer’ for purposes of applying the nation’s labor laws was generally defined to include only those businesses that determined the essential terms and conditions of employment.

As a textbook illustration, imagine a franchise arrangement whereby the franchisee determines whom to hire, whom to fire, wages and other everyday working conditions.  The distant franchisor, in contrast, obviously doesn’t fly every potential franchisee employee in for an interview at corporate headquarters or micromanage its franchisees’ working conditions.

On that logic, the Third Circuit Court of Appeals ruled in NLRB v. Browning-Ferris Industries (1982) that the appropriate standard for defining an employer with regard to a particular set of employees was established by the U.S. Supreme Court in Boire v. Greyhound Corp. (1964).  It held that only businesses exercising control over ‘those matters governing the essential terms and conditions of employment’ were subject to collective bargaining requirements and liabilities.

Two years later, the NLRB formally adopted that standard, ruling in separate cases that ‘there must be a showing that the employer meaningfully affects matters relating to the employment such as hiring, firing, discipline, supervision and direction.’  In other words, an ’employer’ for purposes of labor law mandates required direct and immediate control over the terms and conditions of employment.

That stands to reason, since it makes no sense to impose legal liability upon employers that don’t actually control a bargaining unit’s employment conditions.

In August 2015, however, Obama’s NLRB suddenly and needlessly upended that established legal standard by redefining what’s known as the ‘Joint Employer Doctrine.’  Essentially, the Joint Employer Doctrine now allows multiple businesses to be held legally liable for the same set of employees.

Thus, in the infinite wisdom of the Obama NLRB, even employers with indirect or even merely potential ability to affect employment terms could suddenly find themselves subject to federal labor laws.”

That’s why the Save Local Business Act is of such immediate importance.  That legislation would overturn the Obama NLRB’s recent Joint Employer Rule redefinition, and restore longstanding legal precedent by subjecting only actual employers exercising control over the terms and conditions of employment to federal collective bargaining liabilities.

Today, nearly 800,000 franchise enterprises exist in the U.S., accounting for approximately 8.5 million jobs.  And according to an American Action Forum study, the Obama NLRB decision could reduce private sector employment by 1.7 million jobs, including 500,000 in the leisure and hospitality industry alone.

So if Congress can find the time to address professional baseball labor matters, they can certainly do the right thing by prioritizing language implementing the Save Local Business Act.  We urge all CFIF supporters and activists across America to contact their Senators and Representatives to demand it.

Call your Senators and Representative now at 202-224-3121.

Tell them that the joint employer issue impacts millions of workers in every community in the country.  Therefore, Congressional leaders must prioritize the Save Local Business Act in the upcoming spending bill.

March 12th, 2018 at 10:26 am
Image of the Day: Unemployment Down, Manufacturing Jobs Accelerate Since 2016
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From the National Association of Manufacturers (NAM):

[T]he latest jobs numbers confirm that the labor market has tightened significantly, with manufacturers increasing employment by a rather robust 18,876 per month on average since the end of 2016.  That is quite a turnaround from the sluggish job growth in 2016, and it is a sign that firms have continued to accelerate their hiring as the economic outlook has strengthened and demand and production have improved considerably.  Indeed, manufacturers have told us that challenges in recruiting new workers is their primary business concern right now.”

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Manufacturing Jobs Up, Unemployment Down

Manufacturing Jobs Up, Unemployment Down

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April 11th, 2017 at 8:06 pm
BOOM: U.S. Job Creation Index Notches Third Consecutive Record
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So while Donald Trump enforced Barack Obama’s chemical weapon “red line” abroad, Gallup brings news today that things continue to hum with the Trump employment bump here at home:

The Gallup Job Creation Index rose to +37 in March from +35 in February.  This is the third month in a row the index has hit a new record high after remaining relatively flat for much of 2016.  Since the start of the year, the index has already increased by four points — the same increase seen throughout all of 2016.”

Obama blamestormed Bush for eight years while the U.S. economy and employment conditions stagnated, but as Syrian dictator Bashad al-Assad learned this week, there’s a new sheriff in town and he appears to be achieving quick results.

Trump Job Creation Boom

Trump Job Creation Boom

November 13th, 2015 at 8:40 am
Podcast: Is America Closed for Business?
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In an interview with CFIF, Patrick Hedger, Policy Director of American Encore, discusses why Obama made the wrong decision on Keystone XL pipeline project and what it means for jobs, the economy and gas prices. 

Listen to the interview here.

June 19th, 2015 at 9:51 am
WSJ News Item Debunks Leftists’ Anti-Texas Myth
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Texas illustrates the real-world success of less government and free market principles, yet leftists like oft-discredited New York Times columnist Paul Krugman attempt to dismiss it as some sort of demographic or energy fluke.

A news feature this week in The Wall Street Journal, however, offers yet another objective refutation of their efforts.  Entitled “Texas’ Engine Keeps Revving,” the article details how jobs and population continue to grow despite the recent energy sector slump:

The continued economic success of the Dallas-Ft. Worth metro area, the nation’s fourth largest, with nearly seven million people, is one of the reasons Texas has so far managed to stave off a sharp downturn despite losing thousands of jobs in the oil patch and related industries.  The region lost more than 100,000 jobs during the recession, but it has added nearly four times that number since then…   Dallas isn’t the only Texas region that has diversified.  The San Antonio metro area, which has 2.3 million residents, now has a burgeoning biotech sector.  Austin, with its population of 1.9 million, had the lowest unemployment rate among the nation’s largest metro areas in April as it undergoes a hotel boom.”

That doesn’t happen by accident.  After all, California enjoys a higher population, better weather, diversified economic base and greater access to trade with its vast coastal area.  In other words, the sorts of things that Krugman offers as rationalizations for the Texas boom.  The reality is that Texas continues to flourish despite the rapid drop in oil prices because unlike states like California, Connecticut or Illinois, it opts for lower taxes, less regulation and freer markets.  Hopefully, that lesson will continue to sink in with the rest of the nation and our federal leaders.

April 3rd, 2015 at 10:10 am
Jobs Report: Worst “Recovery” in U.S. History Continues Under Obama
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As we’ve noted on multiple occasions, the cyclical economic recovery under Barack Obama is objectively the worst in recorded U.S. history.  Recessions and recoveries come and go, but never have we suffered one with declining median incomes, such low economic growth or this level of employment sluggishness.

Unfortunately, today’s unemployment report brought additional bad news and only serves to further cement Obama’s disastrous legacy.  Economists expected 250,000 new jobs for the month of March, but we only saw 126,000, the lowest since 2013:

The 126,000 increase was weaker than the most pessimistic forecast in a Bloomberg survey, and followed a 264,000 gain a month earlier that was smaller than initially reported, the Labor Department in Washington said.  The median forecast in a Bloomberg survey of economists called for a 245,000 advance.

‘There’s really no way to sugarcoat this.  This is a soft print all the way around, no matter how you slice it,’ said Omair Sharif, rate sales strategist at Newedge USA LLC in New York.  ‘It seems that it’s corroborating that the U.S. definitely hit a soft patch in the first quarter.'”

Making matters even worse, the labor participation rate continued it’s decline to 62.7%, the lowest since 1978, before women fully entered the U.S. workforce.

The unprecedented weakness of the economy under Obama establishes the backwardness of his policies.  Although he and his supporters remain unwilling to internalize the obvious lesson that lower taxes and less federal regulation lead to a stronger economy, the American electorate fortunately maintains the opportunity to do so as 2016 brings the opportunity to select new leadership.